Spotlight

This white paper explores the important questions that need to be addressed as automation in cars continues to evolve. The first section defines the levels of development of autonomy, examines how automated driving systems (ADS) can be integrated into the existing driver-operated environment and considers how ADS may be adopted on a larger scale into the shared economy. The second section outlines the existing private passenger auto insurance market, how ADS will impact that market,

Spotlight

This white paper explores the important questions that need to be addressed as automation in cars continues to evolve. The first section defines the levels of development of autonomy, examines how automated driving systems (ADS) can be integrated into the existing driver-operated environment and considers how ADS may be adopted on a larger scale into the shared economy. The second section outlines the existing private passenger auto insurance market, how ADS will impact that market,

Related News

McCamon Hunt Insurance agency acquired by Risk Strategies

GlobeNewswire | August 27, 2020

Risk Strategies, a privately held, rapidly growing national insurance brokerage and risk management firm, today announced that it has acquired Ohio-based, McCamon Hunt Insurance Agency Inc. Terms of the deal were not disclosed. Located in Boardman, Ohio, just south of Youngstown, McCamon Hunt adds to Risk Strategies’ existing footprint and stable of expert talent in the state. Founded in 1996 through a merger, the firm traces its roots to 1939 and boasts outstanding client retention with some remaining for more than 20 years. The current business and insurance market environment underscores the need for expert consultation in risk and liability management,” said John Mina, Risk Strategies’ CEO. “We saw in McCamon Hunt an opportunity to partner with a team that has built outstanding success upon its skills and the trust it has engendered in its clients.” An all lines agency with offerings spanning group health, commercial package, life insurance and personal lines, McCamon Hunt’s client base is deeply loyal with many top accounts relying on the firm for multiple key product lines. Business segments the agency counts among its clients span from contractors and distributors to real estate and engineering firms.

Read More

Shift Technology Supports Central Insurance’s Fraud Detection and Subrogation Initiatives

Cision PR Newswire | September 01, 2020

Shift Technology, a provider of AI–native fraud detection and claims automation solutions for the global insurance industry, and Central Insurance today announced that Shift will support Central Insurance's fraud detection and subrogation initiatives. As a result, Central Insurance will deploy Force, Shift's fraud detection solution to uncover suspicious behaviors in the insurer's auto and property claims processes. The insurer will also use the technology to identify more quickly and accurately those property claims appropriate for subrogation recovery. In business for more than 140 years, Central Insurance has built a reputation for integrity, exceptional customer relationships, and operational excellence. A strong belief in applying both innovative approaches and cutting-edge technology to best meet customer and business requirements has long been a hallmark of the carrier. Recognizing that applying analytics and artificial intelligence to the claims process plays a key role in delivering on its promises to customers, Central Insurance turned to Shift Technology and its fraud detection and subrogation solutions.

Read More

INSURANCE TECHNOLOGY

Carvana and Root, Inc. Exclusively Partner to Develop Industry-First Integrated Auto Insurance Solutions for Carvana Customers

Carvana | August 12, 2021

Carvana (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, and Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company (“Root”), the leading insurtech carrier, today announced an exclusive partnership to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest approximately $126 million in Root, Inc., subject to customary regulatory approvals. “This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.” “In Root, we have found a partner that shares our customer focus and technology-driven approach to delivering exceptional customer experiences. We are excited to build on the success of our existing partnership by creating a unique, integrated solution,” said Carvana CEO Ernie Garcia. “We look forward to introducing our customers to Root’s seamless insurance process and believe that this integrated offering will deepen and extend our customer relationships between transactions.” “Carvana has revolutionized the used car buying experience for consumers. This partnership further elevates the Carvana experience by integrating insurance alongside car purchasing and financing decisions,” said Root CEO Alex Timm. “This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.” Under the terms of the investment agreement, Carvana will invest approximately $126 million of primary capital in Root, Inc. in a convertible preferred security, convertible at $9.00 per share, into approximately 14 million Class A shares in Root, Inc., or an ownership interest of approximately 5% on a fully diluted basis as of today. The investment agreement also provides CAbout Caarvana with warrants for Class A shares in Root, Inc. that are linked to the performance of the commercial partnership. Ardea Partners LP is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Root in connection with this transaction About Carvana Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 45,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s proprietary automated Car Vending Machines. About Root, Inc. Root, Inc. is the parent company of Root Insurance Company. Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience. Root’s mobile-first customer experience is designed to make insurance simple.

Read More